ROTTERDAM: Palm oil on the European vegetable oil market continued to ease on Monday following disappointment about the Malaysian government decision to cut palm oil tax not earlier than early 2013.
* "With palm oil dipping and CBOT soyoil continued to fall too most buyers were holding back waiting for the market to bottom out. The decision not to do much short term about the growing palm oil stocks continued to weigh on prices despite improved palm oil exports for the first 15 days of October," one broker said.
* Palm oil was offered between $7.50 and $22.50 a tonne down from Friday after Malaysian palm oil futures closed between seven and 84 ringgit per tonne down on follow-through selling on news that the expected palm oil export tax cut would be applied from Jan. 1, 2013.
* Early in the day Jan/March RBD palm olein changed hands between $855 and $847.50 a tonne fob Malaysia, unchanged from Friday and April/June traded $5 up at $867.50.
* At 1700 GMT CBOT soyoil futures were between 0.37 and 0.81 cents per lb down on long liquidation anticipating a bumper South American soybean crop and easier mineral oil values.
* Liquid oils - soyoil, rapeoil and sunoil - were offered between 14 and 30 euros per tonne down from Friday following weaker CBOT soyoil, mostly lower rapeseed futures and easier mineral oil. Bids were scarce and no deals were reported.
* Lauric oils eased with rivals palm oil and soyoil and were offered $30 to $45 a tonne down from Friday after coconut oil traded at $910 for both Feb/March and Feb/March-March/April combined and March/April traded at 915. No business was reported in palmkernel oil.
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